What Will You Eat In Retirement?

We can ignore our spending & debt for a long time but at some point we need to ask ourselves: will I be eating steak when I retire or dog food?

The excuse that you do not have enough time to manage your finances is just not true. It is a matter of priorities…I bet you found the time to spend hours planning your last holiday. The main reason may be that you can not do what you did not learn. The schools think that it should be taught at home and parents think it should be taught in school. It is never too late to learn and it is not as difficult as you may think.

Take these baby steps that require very little time but do take some will power:

1. Pay only cash for non-essentials.If it is not an essential ie: rent, hydro etc..then you have to save cash for it.

2. Start saving for a rainy day, so that when unexpected things like car repairs come up you have the cash to pay for it.

3. Get organized – take an a file holder and when important documents come in put them in one place. Label each one   ie: insurance, bank statements, mortgage statements etc..

4. No car payments lasting longer then 3 years – otherwise you can not afford what you are buying no matter how much you try to justify it. Preferably always be saving towards your next vehicle as we all know there will be a next vehicle.

5. No credit cards unless you are paying monthly balance – otherwise you are again buying what you can not afford.

6. Shop around for insurance using a broker for property, life, disability etc.

7. Set your goals on paper and then start saving for them.

8. Draw up a spending plan with savings factored in as one of the expenses so you pay yourself first.

8. Pay yourself first – save 10-15% of your gross income to start saving for your goals – the first being an emergency fund of course.

9. Invest regularly – take advantage of compounding interest!

10. RESP – start putting money away for your childs education. Skip the excess spending on them now; what you owe your children the most is the gift of an education.

11. Do not lease a car – most expensive form of car ownership!

12. Get good financial advice from a Certified Financial Planner – make sure they are Certified.

As Dave Ramsey says, “The trick is to get fired up and wired up, and become sacrificial to win, living like no one else, so that later you can live like no one else.”

11 Responses to “What Will You Eat In Retirement?”

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